Settled property is held in the name of trustees who are
primarily liable for the IHT (
IHTM30091) on the property, but they do
not own the property beneficially (
IHTM04031). They hold it on trust for
the beneficiaries who are the persons entitled to the use and
enjoyment of the property, subject to the terms of the trust.
Where there are no trustees of a settlement, IHTA84/S45 provides that the ‘trustee’ for IHT purposes means any person in whom the settled property or its management is for the time being vested.